Credit Brief — CITIC Pacific Special Steel Group Co., Ltd (中信特钢)
000708.SZ · Shenzhen Main Board · Data window: 2022–2026 H1 · Sources: official periodic reports filed via cninfo (巨潮资讯网)
All figures are extracted mechanically from official filings and are traceable to source page (see §9). Narrative sections are analyst commentary; mechanical sections are produced without any LLM. Not investment advice. Not a credit rating.
1. Identity & legitimacy
- Legal representative: 钱刚
- Registered address: 湖北省黄石市黄石大道 316 号
- Office address: 江苏省无锡市江阴市长山大道 1 号中信特钢大楼；湖北省黄石市黄石大道 316 号
- Controlling shareholder: 泰富投资
- Actual controller: 中国中信集团有限公司
- Employees: 31,584
Source: identity fields above are mechanically extracted from the issuer's own filed annual reports. - Registration data via corporate registry is not included in this build
2. Compliance & legal
Compliance screens (dishonest debtor / enforcement / penalties / business exceptions) require a registry data source not included in this build
3. Business profile
Top customer/supplier tables not generated for this issuer.
4. Financial dashboard (CNY mn)
Assets
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Cash and bank balances | 8,927.9 | 8,478.0 | 8,833.5 | 11,273.1 | 7,284.2 |
| Trading financial assets | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Accounts receivable | 3,160.9 | 5,198.4 | 5,401.7 | 5,230.9 | 6,312.3 |
| Other receivables | 1,074.7 | 847.8 | 806.1 | 485.2 | 287.6 |
| Inventories | 10,768.0 | 17,213.8 | 16,745.1 | 16,239.1 | 18,098.1 |
| Long-term equity investments | 1,922.3 | 629.2 | 870.6 | 169.9 | 178.7 |
| Fixed assets | 38,953.8 | 50,391.2 | 48,968.3 | 48,362.4 | 47,174.3 |
| Construction in progress | 5,522.3 | 3,790.5 | 3,333.7 | 1,708.7 | 1,910.2 |
| Intangible assets | 4,272.2 | 7,811.3 | 7,435.5 | 7,179.9 | 7,039.5 |
| Total assets | 90,774.8 | 116,506.6 | 111,043.4 | 110,322.6 | 106,901.9 |
Liabilities
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Short-term borrowings | 5,272.7 | 8,670.1 | 9,018.6 | 6,818.1 | 7,720.1 |
| Notes payable | 5,152.7 | 5,064.7 | 4,327.8 | 4,028.0 | 4,292.5 |
| Accounts payable | 12,805.4 | 17,665.8 | 12,530.9 | 12,205.7 | 11,964.9 |
| Contract liabilities | 3,521.2 | 4,901.2 | 3,732.1 | 4,127.0 | 3,002.7 |
| Other payables | 6,621.1 | 5,476.8 | 5,049.7 | 5,406.8 | 5,305.7 |
| Current portion of non-current liabilities | 446.6 | 3,676.0 | 3,617.0 | 5,595.2 | 7,777.6 |
| Long-term borrowings | 7,803.1 | 17,014.7 | 18,131.7 | 15,774.4 | 10,017.8 |
| Bonds payable | 4,613.0 | 4,758.7 | 4,886.5 | 4,998.0 | 5,049.0 |
| Total liabilities | 54,337.3 | 74,872.1 | 67,215.0 | 64,849.0 | 60,679.8 |
Equity
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Paid-in capital | 5,047.2 | 5,047.2 | 5,047.2 | 5,047.2 | 5,047.2 |
| Capital reserve | 9,173.0 | 9,303.0 | 9,380.5 | 9,732.3 | 9,732.3 |
| Retained earnings | 19,642.6 | 21,348.4 | 23,338.9 | 25,598.1 | 26,337.9 |
| Equity attributable to owners of the parent | 36,277.4 | 38,609.1 | 40,930.4 | 43,588.0 | 44,335.8 |
| Minority interests | 160.1 | 3,025.4 | 2,897.9 | 1,885.6 | 1,886.3 |
| Total equity | 36,437.6 | 41,634.5 | 43,828.4 | 45,473.6 | 46,222.1 |
Income statement
| 2022 | 2023 | 2024 | 2025 | 2026 H1 | |
|---|---|---|---|---|---|
| Revenue | 98,344.7 | 114,018.8 | 109,202.9 | 107,373.5 | 53,672.1 |
| Cost of sales | 83,853.3 | 99,038.3 | 95,174.4 | 91,337.0 | 45,745.8 |
| Selling expenses | 482.6 | 674.6 | 658.7 | 663.4 | 351.3 |
| Administrative expenses | 1,406.1 | 2,024.1 | 1,962.1 | 2,105.2 | 1,091.1 |
| Finance costs | 348.1 | 722.7 | 812.8 | 709.9 | 399.8 |
| Investment income | -99.8 | -39.1 | 219.3 | 392.5 | 7.6 |
| Operating profit | 8,462.4 | 6,531.1 | 5,942.8 | 7,290.1 | 3,548.3 |
| Profit before tax | 8,429.2 | 6,558.6 | 5,923.6 | 7,189.8 | 3,525.1 |
| Net profit | 7,109.2 | 5,898.0 | 5,358.4 | 6,056.9 | 2,998.2 |
5. Ratios
| Ratio | 2022 | 2023 | 2024 | 2025 | 2026 H1 |
|---|---|---|---|---|---|
| Current ratio | 1.00x | 1.03x | 1.12x | 1.18x | 1.08x |
| Quick ratio | 0.72x | 0.69x | 0.73x | 0.79x | 0.66x |
| Debt-to-asset ratio | 59.9% | 64.3% | 60.5% | 58.8% | 56.8% |
| Total debt / EBITDA | 1.52x | 2.97x | 3.33x | 2.81x | 4.01x |
| EBITDA interest coverage | 34.19x | 15.88x | 13.16x | 16.61x | 19.08x |
| Gross margin | 14.7% | 13.1% | 12.8% | 14.9% | 14.8% |
| Net margin | 7.2% | 5.2% | 4.9% | 5.6% | 5.6% |
| Return on equity (ROE) | 19.5% | 14.2% | 12.2% | 13.3% | 6.5% |
| Revenue growth | — | 15.9% | -4.2% | -1.7% | -50.0% |
| Net profit growth | — | -17.0% | -9.1% | 13.0% | -50.5% |
| Receivable days | 12 | 17 | 18 | 18 | 43 |
| Cash received / revenue | 76.7% | 80.2% | 84.6% | 90.4% | 84.2% |
| Operating CF / net profit | 1.89x | 1.81x | 2.00x | 2.42x | 1.30x |
| Free cash flow | 12,858.5 | 14,096.4 | 13,745.0 | 17,793.8 | 6,244.0 |
Mechanical risk flags
- ⚠ Current ratio: 1.18 (level: medium, reference threshold: <1.5)
- ⚠ Quick ratio: 0.79 (level: medium, reference threshold: <1.0)
- ⚠ Debt-to-asset ratio: 0.59 (level: high, reference threshold: <0.65)
- ⚠ Gross margin: 0.15 (level: medium, reference threshold: <0.15)
6. Cross-check flags (mechanical reconciliation)
- 2023 · Cash-flow statement net increase vs balance-sheet cash movement: -858.9 vs -449.9 CNY mn (deviation 47.63%, severity mid)
Sources: 2023年年度报告.pdf p.126 「五、现金及现金等价物净增加额」 vs 2023年年度报告.pdf p.118 「货币资金」. CF-statement figure below the balance-sheet movement by 409.1 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2024 · Cash-flow statement net increase vs balance-sheet cash movement: 266.4 vs 355.5 CNY mn (deviation 25.04%, severity mid)
Sources: 2024年年度报告.pdf p.113 「五、现金及现金等价物净增加额」 vs 2024年年度报告.pdf p.104 「货币资金」. CF-statement figure below the balance-sheet movement by 89.0 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2025 · Cash-flow statement net increase vs balance-sheet cash movement: 2,739.2 vs 2,439.6 CNY mn (deviation 10.94%, severity mid)
Sources: 2025年年度报告.pdf p.114 「五、现金及现金等价物净增加额」 vs 2025年年度报告.pdf p.105 「货币资金」. CF-statement figure above the balance-sheet movement by 299.6 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review. - 2026Q2 · Cash-flow statement net increase vs balance-sheet cash movement: -4,090.2 vs -3,988.9 CNY mn (deviation 2.48%, severity mid)
Sources: 2026年半年度报告.pdf p.66 「五、现金及现金等价物净增加额」 vs 2026年半年度报告.pdf 「货币资金」. CF-statement figure below the balance-sheet movement by 101.3 CNY mn — typical causes are restricted-cash release or cash-equivalent scope changes; flagged for analyst review.
4 check(s) not run for missing inputs: 前五大应收 vs BS 应收账款; 前五大其他应收 vs BS 其他应收款; 前五大预付 vs BS 预付款项; 授信表内总合计 vs Σ机构行.
Premium tier. The analyst red-flag review and the industry-context commentary (sections 7–8 of the full brief) are not included in this free build. Join the waitlist for early access.
9. Method & provenance
All financial figures above were extracted mechanically from the company's official periodic reports (unit-normalized to CNY). Each key figure carries cell-level provenance — source file, page and original line item. Samples (latest annual period):
| Item | Period | Value (CNY mn) | Source file | Page | Raw line item | Raw value (as filed) |
|---|---|---|---|---|---|---|
| Cash and bank balances | 2025 | 11,273.1 | 2025年年度报告.pdf | 105 | 货币资金 | 11273077276.76 (元) |
| Total assets | 2025 | 110,322.6 | 2025年年度报告.pdf | 106 | 资产总计 | 110322568610.71 (元) |
| Accounts receivable | 2025 | 5,230.9 | 2025年年度报告.pdf | 105 | 应收账款 | 5230911328.6 (元) |
| Fixed assets | 2025 | 48,362.4 | 2025年年度报告.pdf | 105 | 固定资产 | 48362395708.38 (元) |
| Short-term borrowings | 2025 | 6,818.1 | 2025年年度报告.pdf | 106 | 短期借款 | 6818143340.3 (元) |
This brief is built solely on officially filed public disclosures. It is not investment advice, not a credit rating, and not an offer of any service. Figures may contain extraction or caliber effects; verify against the original filings before relying on them.